The global phosphoric acid market is set to gain traction from the decreasing per capita farmland. The population is surging rapidly worldwide. The FAO declared that in South Asia, around 94% of potentially arable land is used. But, in sub-Saharan Africa, only 22% of the land is under cultivation. This information is given by Fortune Business Insights™ in a new report, titled, “Phosphoric Acid Market Size, Share & COVID-19 Impact Analysis, By Application (Fertilizers {Diammonium Phosphate (DAP), Monoammonium Phosphate (MAP), Trisodium Phosphate (TSP), Others}, Animal Feed, Food Additives, and Others), and Regional Forecast, 2021-2028.” The report further states that market size was USD 31,367.7 million in 2020 and is projected to reach USD 44,873.5 million by 2028, exhibiting a CAGR of 4.7% during the forecast period.

How Did We Conduct Our Research?

The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size.

Drivers & Restraints-

Increasing Usage of DAP in Farming of Fruits & Vegetables to Aid Growth

Phosphoric acid is mainly used for the manufacturing of various types of phosphate fertilizers. Diammonium phosphate (DAP) is considered to be the most commonly used phosphatic fertilizers as they possess excellent physical properties and relatively high nutrient content. It is also an important source of nitrogen and phosphorus for plant feeding applications. At the same time, it is extensively utilized for the farming of grains, such as vegetables, fruits, barley, and wheat. However, the rising implementation of stringent norms on the usage of fertilizers may hinder the phosphoric acid market growth in the near future.

Segment-

Fertilizers Segment to Dominate in the Near Future

Based on the application, the fertilizers segment is set to retain its leading position throughout the forthcoming years by procuring the largest phosphoric acid market share. The International Fertilizer Association (IFA), for instance, mentioned that by 2024, the demand for fertilizers is expected to surge by an average rate of 0.7 percent. It will reach approximately 197.1 Mt of nutrients.

Information Source:

https://www.fortunebusinessinsights.com/phosphoric-acid-market-104571